Founded in 2018 as a “new movement in banking,” motusbank offers a wide selection of high interest savings accounts geared towards consumers who want to maximize their savings and invest in the future. motusbank is entirely digital, which means there are no physical branches and no monthly account fees. This new era of banking is designed to help Canadians keep more of their hard-earned money, bank around the clock and never have to worry about stepping foot inside a physical branch.
motusbank offers a comprehensive list of banking products, which makes it unique compared to other digitally native financial institutions in Canada. motusbank provides the following banking services:
Customers who open a savings or chequing account receive a debit card and PIN in the mail. Debit cards can be used to make everyday purchases and withdraw cash through an exchange network of 3,700 participating ATMs across Canada.
motusbank differs from Canada’s Big Five banks in that it’s entirely digital, which means all of its products and services are accessed online and through a mobile app. However, it goes beyond some other digitally native banks by issuing a debit card to its savings and chequing account holders.
motusbank also offers a high interest savings account, which allows you to earn 2.05% on your balance regardless of the amount, which is higher than at many of the major banks. It’s also comparable to other online-only savings accounts offered by Tangerine and EQ Bank.
motusbank is suited to digital natives who prefer to do all of their banking online and through a mobile app. The main benefits of motusbank include:
Some of the main drawbacks of a motusbank chequing account include:
motusbank offers several ways to keep in touch. You can contact customer support directly through an online help form, which lets you specify your inquiry and the best time to receive a follow-up call directly from the bank. You’re also free to email customer service directly at memberservice@motusbank.ca.
Customer support can be reached via telephone from Monday to Sunday between 8am and midnight ET.
motusbank offers the convenience of a completely digital banking experience without having to sacrifice your debit card. Combined with a full suite of investment options, motusbank financial products could help you build your nest egg.
If you want to shop around even more to find the right bank account for your needs, read through our bank account guide.
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